ABU DHABI, (Reuters) – Aldar Properties ALDR.AD, the struggling developer rescued by a $5.2 billion bailout by Abu Dhabi last quarter, returned to profit, after it booked sales of assets, including the Ferrari World theme park.
The builder of the Yas Marina Formula One circuit posted a first-quarter net profit of 189.1 million dirhams ($51.50 million) compared with a loss of 314.2 million in the same period last year, it said in an email statement on Thursday.
Revenue jumped to 784.7 million dirhams from 227 million dirhams a year earlier, it said.
Shares of Aldar closed 2.5 percent lower on the Abu Dhabi bourse .ADI before the results were announced.
The developer, which ended a five-quarter losing streak, said it booked the sale of Ferrari World Abu Dhabi and related assets to the government of Abu Dhabi in the quarter.
It also issued planned mandatory convertible bonds of 2.8 billion dirhams in March to state-owned investment vehicle Mubadala.
Revenues also came from the sale of completed properties in Al Gurm and Al Bandar residential communities and from the performance of operational assets including the seven Yas Island hotels in Abu Dhabi, the capital of the United Arab Emirates.
The company ended the quarter with 6.2 billion dirhams in cash and bank balances.
Aldar’s chief executive said last month that he did not foresee any further impairments on its property portfolio in the near future, and will return to profit in 2011.
The developer’s fourth-quarter loss amounted to 11.14 billion dirhams.